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tv   Today in Washington  CSPAN  June 11, 2010 6:00am-7:00am EDT

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other committee, and we only had one meeting soar. so to all the other rules -- do l the other rules as far ame being able to say i have one or 21 great amendments to do, does all that apply? >> it gives a lot of discretion to the chair. have been conferenc where no amendments were entertained. wh i would propose is, the majority on the side will be able toaka proposal, but i would entertain alternntives ordinance to tt. back to look, having been here all those years. we had eight conferences of is
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committee in the last years, and of those eight, one had public meetings. no, three did. we were confronted with the congress report at the e and we voted. there were no meetings. this is unprecedented. we have never done thisefore. what makes a difference is that weever vote altogether for a propositio you will decide what you want to present to us as the house sid >> each chai will preside over his side. what i will do on the house side is, we will make presentations. i will entertain substitutes or alrnatives, and we can vote among ourselves between the two. that would b the best way to deal with it.
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there'll be a house proposal that may be offered, and i would entertain an alternative to the house proposal if anybody s one. we would then vote amongst ourselves on the house side, and the results of that would be offered to e senate, and i assume vice versa. >> what chairman frank just pointed out is that so theay before w gather, we go over what titles we will talkbout. you arnot coming in and ndering if someone is going to spring an amendment on you, so whatever the titles are will be the sject of the debate. we limited to that day and we knowhead of time what they are. >> having done energy and commerce with other committees in the past, will you announce whether members of particular committeesilbe considered to be in order for that section? >> that is a very good point.
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in the house, we will announce at the beginning of consideration of each item, we will announce on the house sid which members have the votes. if we don't get overcrowded, i would be ilined to recognize other members to speak, and i havesked some other members not on the conference commiee, but when theotes come, we will be clear here votes and who does not. let me get to senator schumer now. >> just a queson about the notice. ll conferees have the opportunity to assist in drafting the position, and given that the minority have 48 hour -- >> the minorit can draft what we will ke every effort not to
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be confused with those we coittals youive me after the vote has been given to the clerk. the cmitment to sharing think this earlier is a nice one, and you people -- we are going to try to havehe proposals that the majority intendso offer, but things to be amended and changed. our effort will be to have them available by noon the day before. >> this was submitted and where what -- wille get answers to theseuestions? >> i did not have a chanc to answer the letter and i did not get 48 hourso answer. the answer is, to that political gesture, i do not have an answer to a letter that he gave me as
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the conference began. i recognize center schumer. >> i want to beg by both banking chairman don and lincoln for their hard work, dedication in craftinthe bill that psed out of he senate. i want to thank chairman frank and your colleagues in the house and just know that coming back to this room brings back many fond memories. i spent 18ears as a member of the banking committee in the house in this room, where in the 1980's had regular conference committees. they were one of the highlights of my house career. the two bills here have some differences, but they share basic framework. th will strengthen the safety and soundness of our financial system, bring our markets like derivative into light and stngthen protect f consumers andnvestors. i am confident the conference committee can work quickly to arnelle the differees between the bills and get the finnl bill to the president's desk in
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the coming weeks. now, right now weave 9.9% unemployment in this country, -pnot because of the reform proposal that is abo to becomm law. some people areayg look what the reform proposals are doing. but because of irresponsibility in the finanal system and a broken down financial regulatory system that allowed to many firms and a whole market to slip to the cracks. if we did nothing, we will surely find ourselves in a similar crisis in the not too distant future. there were many caus of the financial crisis. bank built a house of cards on a foundation subprime mortgages anthen leverage themselves to the hill before theouse of cards came crashing down. theyade loans to people they knew would never pay them back and consumers grant credit card debt and traded their homes like atm machines. but there is no question that inadequate regulation played a leading role in this tragedy. in some cases,eregulation was
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a good idea and lead to new products ann choices and benefits foronsumers. buthe cost of ha inadequate rules of the road and failing to enfce the rules we did have were de painfully clear, not only in the financial crisis b inhe rent bp spill. a lack of adequate regulation allowed reckless behavior in th private sector to cause catastrophic damage. like drilling for oil more than a mile under warwater, small mistakes can quickly turn into disasters. over the years, we fool ourss into thinking we conquered risk and we get some help quantify and manage it. as we have seen time and time again, and as the bp oil spill tragicly reminds us, disaster happens more frequently than we expect, and the damage is often r worse. one of the lessons of both bp and the financial csis seems
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to be that at lst in certain areas, we should not have a system that encourages companies to go right to the edg of what is possible at theisk of going too far and causing a disaster. after all, just because we can make cars that go to hundred miles per hour does not mean we should not have speelimi. many did not believe in trying to prent baubles to regulation. they thought that would stifle regulation on the front end and they could clean it up on the back end. the cost of cleannng up upper financial cris has turned out to be far beyond what was imagined. the cost of cleaning up on the front end start to palen comparison. faced with something as complex as our financial stem with all the uncertainty and the real possibility of catastrophic damage, it is better to be safe than sorry. at is especially tru when it comes to our fragile system. as the new yorker, see the connection betwe wall street and main street every day.
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the financial industry is responsible for 500,000 jobs in kind of fancy, high-paying jobs you read about or se in the movies. i realize the financial system plays a special role, far beyond manhattan. there many analogies as the circulatory stem, the lifeblood. businesses grow and create jobs. that is why we neestrong reform that is constructive and forward-looking but not vindictive or punitive. reform that will help keep w york as the financial capital of the world. in general, i think this bill broadly speaking strikes the necessary balance between maintaining a innovative and competitive financial syst while insuring the recklessness on wall reet will ver again threaten the financial help of americans on main street. in conclusion, we have many tasks in front of us if we are
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to rebuild themerican eeonomy, but a stronger financial system, focused the needs of the real economy is crucia to that effort. there should be no doubt that part of putti us back on the path to prosperity requires inituting smart, thoughtful, and financial reforms. >> the gentleman from texas, mr. smith. >> as congress weighs the question of wa street reform, thh answer the american people want us to give is clear, no more bailouts. they are watching to see if we will give them that answer. we ve shared by passing legislatio that bankruptcy is fair, the rules are clear, and is administered by impartl courts. there is one unmistakable true, free enterprise without the possibility of failure is free
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enterprise without the possibility of success. bailouco taxpayers billions of dollars. bailout political officials to choose winners and losers. the possibility of bail else tim's firms to take an reasonable risk. during the debate over wall stet reform, republicans have consistently rejected bailout and offered bankrupy reform as a sound legislative course. we have focused on the key changes needed to make bankruptcy work betr when fincial institutions threaten our financial system. our proposal has the same rules for all firms large and small. this emanates competitive prsures that cooe fm special rules for favored classes or firms. our proposal for him is the use ofederal funds to keep a firm out of bankruptcy or reorganize a firm in bankruptcy. that means no more front door bailout and no more backdoor baouts. legislation includes only eight toothless presumption that
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bankruptcy should play a role in financial firms failure. they do not include what is needed to make that preference for bankruptcy meaningful. we can fix that through this conference. hatch from bankruptcy that allows agency takeover firms will become the first option under the bill. when agency's takeover firms, we know they will bail them out. we should also ado a reform of fannie mae and freddie mac that is the most glaring piece missing from the legislation.. government intervention run amok with fanniend freddie is at theoot of the financial crisis. if we leave them and reform, we increase the risk of " rigid financl calamity the future. we should eliminate all provisions that let political leaders choo the winners and losers in our economy. crony capitalism can only do us harm. the right reforms including bankruptcy reform will set us
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rmly on the path to a long- term financial recovery. alo -- rolle reforms will kill credit, jobs, and our onomy -- the wrong reforms will kill crit, jobs, and our economy. let us choose to reforms. >> i want to comment on only five of the large number of important priorities that i would like tsee in any financl services reform conference report that we adopt. first, i wa to thank chairman frank for correcting center er who made the statement that we have done nothing in this billo deal with underwriti. hepparently was not aware that my north carolina coli, brad ller, d i started to believe some years ago that the housing and mortgage lending markets were headed for a meltdown. it was 2004 when we first introduced our first anti predatory ing bill to counteract growing problem of
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high cost lending. in each term of congress since 2004, we have reintroduced our bill. the hous passed some version of our bill on at lea two occasions in an effort to make the mortgage process simpler, faer, and more transpaaent, and align incentives on behalf of borrowers. aot of the provisions of our original predatory lending will are included in the health reform bill, andome of these provisions are included in the senate bill. the coerence should commit to final legislaon that makes it clear that predatory lending will not be tolerated and that pon. citizens who aspire to achieve the american dream of home ownership must not be duped and preyed upon. second rarding transparency, it is clear that there is -- there needs to be much more sunshine and transparency in the
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derivatives market. the idea that most standard derivatives should be traded on exchanges or alternative swap ecution facilities and processed through clearing houses to provide transparency to counterparties, gulators, and the public. if they are going to do if there are going to be exceptio to this general rule, the exceptions need to be for compelling reasons and the rule should be clear to avoid confusion foo well-intentionedd intentn gaming the system. this is a compelling national interest, and for me, also an important local or district issue,ince a company in my district runs and helped send -- alternatives what execution facity. third, regarding protecting consumers, let me say that from my constituents' pspective,
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the establishment of aonsumer financial protection agency is probably the most importan part of this legislation. i found that few of my constituents understand or care out derivatives, cdo's swaps, regulaty structures. they said at many of them do not know the differenceetween the fed, the sec, the fdic, or the occ, but they do know that they want someone to show up to work every day with their primary focus on protecting consumers. our system nee a strg, viable cfta to restore trust in the financial-services sector. we should work in this nference to ensure strong consumer protectns and to esve the historical an important role the state of play
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in protecting their own citizens from abusive financial pducts and practices. fourth, regarding diversity in the financial-services sector, if we are honest with ourselves, the voting rights and civil rights gains we made as a country since the 1960's still have not found their weight to the financial services sector. there is no racial diversity amonthe regulators. literally any among the board or management of the institutions being regulated, and not a heck of lot even in the employment ranks. some people characterized the industry a "the good old boys club that y be well on the way to giving way to the whiz kids young boys club."
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i am especially interested in increasing diversity at all levels of our financial services this conrence should not flinch from efforts to promote diversity in the financial- services industry. these efforts are long overdue. at a minimum the conference could should incorporate important initiatives passed by the house, including the establishment of the office of minority inclusion. i will smit the rest of my statement for the record with unous consent. >> the gentlan from new york, mr. meeks. >> i want to thank chairman dodd and chairman frank and colleagues. is a privilege to participate in this conference committee and to contribute to reconciling the financial reforms bills passed in the house and senate. the magnitude of the moment and importance of the work before shouldot be underestimated.
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not since the great depreion have members of congress strive to implement such strong unnecessary financial reforms. a failed an antiquated regulatory framework resulti from a blind commitment to deregulati lead to uncontrolled systemic risk and a tuation where a handful of financial firms nely brought the entire american economy to its knees. systemic risk result from size, leverage, and interconnectedness, and as we complete the work of reforming the regulatory frawork for financial ctor, we must they focused on reging systemic risk. our work here will only be successful if we effectively+ monito and mitigates the stemming risk while maintaining a light touch on non-specific rms annctivities. therare several key areas that plan to focus on in the coming
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weeks. derivatives, accountability, transparency, and reform. i am concerned that a singular focus on spec lichted useof derivatives will penalize the millions of american businesses that use derivatives -- it is likely toocreate new, unknown systemic risk and put significant pressure on the balae sheets of financial institutions and end-user who use derivatives to manage business risk. i ameeply coned by the unintended consequences on conss, the poor, and military veterans that will -- as james baldwinnce wrote, anyone who has ever suffered under party knows how expeiv is to be poor. language from the interchange amendment will focus on crit unions and community banks while
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harming consumers who will be forced to carry multiple cards or abandon the use of cards out right. state treasurers from across the country have weighed in against is language notg th devastating impact on their budget and the ability to deliver financial assistance to working families. the poor alreaay struggling and cannot withstand this 00 assault on their dignity. if ameca is suffering areat depression, then minorit communities are enjoying a great this session -- of great depression. many marginalized communities e preyed upon by predatory practices from lending institutions. now they paid -- face catastrophic unemployment rates. the house bill included important language for the establishment of minority
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interest offices and provide assetsor neighborhood stabilization for the hardest- hit communities and calls on the administration to follow through on existing commitments to minority businesses. i plan tfight hard for the inclusion of these -- of this language. on the volcker rul i want to ensure that it achieves what it was intended to. it seeks to eliminate trading that pose a systemic risk. including trade execution on behalf of clients, private equity fund, that provide needed capital to companies nationwid promoting job creatn and innovation. i am concerned about language that limits the imf's capacity providing global monetary stability.
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the imf must protect the resources of the shareholders so that a crisis in one country does not trigger international contagion. i plan to work th my colleagues on language -- american itry st act responsibly andontribute to development and not be complicity in perpetuating conflict. in closing, is prudent to look back on lessonsearned and implemented frothe great depression. ring the 1930's,egislation was designed to curb systemic it is time to set the stage for decades of financial stability, economic growth, and job creation. >> i want to thank chairman
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dodd and all my esteemed colleagues for their outstanding work on this matter. i am pleased to say that -- putting finishing touches on much-need financial regulation for the americaneople and my constituents. while were in the midst of reforming agencies, i don' want us to do irreparable harm to an agency that crently exists and has existed for years and has been at the forefront of protectingmerican consumers. it is my firm view that the sec should retain all the authority it currently holds. that concept is set forth in
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time of 10 of the consumer protection act. it must continue toversee and authorize the fcc. looking at all reliabl industries, the commission has peormed commendably over small staff and with avere powers. along with the bipartisan commissi of approximately 1100 dedicated emploes, spread out across three bureaus, competitn, perhaps -- consumer protection, and the bureau on economics. this body has done an enormous job. the onll agency that has existed throughouthe years that is to protect the amerin set consumer from the ravages we have undergone in this recent
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recession. although its experti is deep and broad, the statutory tools under the sec at consist ofn antiquated and cumbersome form of rulemaking. it had anemia legislative authority. consumers will respect and honor -- it is critical for this bo to support and defend [unintelligibl rulemaking and enforcement tool. that is why the sec must be awarded rumaking authority under the ministry procedur act.
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without requiring prior consent from the justice department, using apa rulemaking authority, the ftc will be able to ddress rampant, unfair and deceptive acts and practices in real time. cordilleras, consumer reporting agencies, professional services firms, and insurance providers attorneys, real estate licensees, and insurance concns. our committeeas what -- worked devotedly in the past with members of the fincial services committee to bolster the sec'shocomings, hold
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out best practicefor making agencies emuae and protecting consums and improve the ability of agencies to protect consumers by issuing unfair and deceptive rules uer the fcc act. i want to thank you for this opportunity and close by saying i am determined to work through this process for the overriding prilege assisting main streets. . .
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>> i am very, very pleased to be part of this conference committee. as i listened to my distinguished colleagues, i cannot help have it reminds us that this is a significant time in our lives. this moment will probably never come again for us to do what the american people need to be done for them. as the government reform committee addresses a a lot of these issues, we sought instances where all kinds of people, mr. chairman, we saw peo
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were greedy. this process, i want to make certain that do not the people who are looking in and depending on us to get this right. we wl get this right and we will get this done. think back a few years ago, we were thinking about creg a transparent market for investors avaible, without to preserve the american dream of home ownership. th people who wereesponsible for the current financial crisis. the people that i represent, they just want to have credit. they are not trying to get to paris, they want to go to the nearest amusement park.
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they want to know that the government is working for them. and when it comes to consumer protecon, that we are protecti them. theyydo not want to feel that the government is working against them. i hope that we will represent the people, no matter where they are, or an urban area, wherever. the fact is that the american people are depending on us and i remember a few years ago, when i was looking into aig, and i was about two feet away from him. he was the leader of the aig in 2008. and i asked for him to provide me with additional information about the retentio payments, that he believed were given to his people. anheesponded by saying that 168 employees were going to receiveayment, from $160,000 to $4 million.
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this would be nearly $120 millionnthat would be split in retention payments. and the problem is that this was not the money of aig. this was not their money. we are forgetting this. e lady across the street from me, who is 70 years old and has to come out of retirement to work at mcdonald's -- this is and when i listen, i want to make certain that we keep focus on the people who have sent us here. i agree, we have to look at the derivatives. we have to have transparency. the person who works out there
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and go hard, pursuing the all- american dream, and they pay their taxes and do what they're supposed to do ds and gng to the synagogue, we have to figure out, hen all the dust has settled, that we%+ serve them. this is because the focus of wall street -- they are going to get their bonuses. the people i represent will not get a bonus because they do not have a job. and the question is, this storm will be over, but as i say to my constituents, when this i over, who will have their job? wi they have their health care? will they still have the opportunity to take their children to the amusement park. what are they just going to be out of luck?
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this is our moment. i am excited to see us moving forward on this i will yield back. >> the gentleman from iowa? >> thank you. i want to commend and many hers, for your hard work and your dedicationo making the bill in the hse. look forward to working with colleagues in the senate. last time i saw you this closely, you were with your children at the icrink. >> that was a great time. >> i want to associate myself with the comments made a moment ago and what was just said. this is true to me. the job in coness is to allow
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tranarency and oversight to wall street in the over-the- counter derivatives market for the necessary oversight without hindering legitimate consumers from operating within them. to the extent that the activity is taking pce and hard-working americans are taken to the cleaners. we have to ake certain that regulators can protect consumers and that they will be using thostools. congress has pledged that the rules will change, and they are working steadfast for new regulations. we must make certain that american consumers are protected angry executives are held accountable, and we preventhe irresponsible behavior that brought the economy to its knees in 2008. they will not regulate themlves. we mustend a strong message
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th business as usual will no longer be tolerated and we are committed to protecting the american taxpayer. as chairman of the subcommittee on the farm commodities and risk-management -- my personal history in agriculture provides a with a unique perspective, that iave usedn the markets to mage risks and effectively. i will place myself in the issues of the market users as we work through negotiations on t bill to make certain that we have greater oversight and transparency for the derivatives markets as we balance the interest for the neighbors -- for the nation's farmers, as we had eration costs and we locked in commodity prices for responsible business planning. i look forward to working with all of my colleagues at this table and i will yield back.
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>> the gentleman from kansas? >> the constituents and the people of our country have been toward the great recession since december 2007, and whether you are a democrat or reblican, theegulation f the financial system -- we had a ne-collapse of the entire economy, the worst of its client -- the worst of its kind sce the great deession. this was the constituents on main strt, not wal street. american houholds lost 14 million -- $14 million in finces, and many were forced toelay their retiremen. the ponzi seme of bernie madoff took $65 million from the investors. many americans have lost trust in the financial system. we must enact this into law so
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that we will have o trust restored. the nstituents demand a financial system thawill hold predatory lenders accountable. the constituents deserve a new system that will protect the rights of consumers and investors and taxpayers. need a financial system that thhy can believe again, where every american will enjoy it responsible levels of lending ancapital. the house and senate with barney frank and christophe dodd have plans that will make the financl system safer for wall street. thesbills do some very important things. this ends the bailouts for the taxpayers and this provides transparency and accountabity, and the oversight of the entire financial system so that regulators are able to address excessive risks befe they build to the unstainable
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lels. my hope is that we will take the best ideas from both of the bills and put -- lakesid ias that go too far and may have unintended conquence for our constituents and the small community banks to have nothing to do with the crisis. i want to commend the blue dog democrats that have worked to enhancregulatory oversight, to protect consumers aninvestors. we are going to continue working to preserve the ability of small business and we will help them take appropriate risks for job creation. and i believe that the final bill will help work on the this will provide a stronger financial system that will better protect the consumers and taxpayers for generations to me.
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i will yield back. >> the gentlewoman from ohio. >> thank you for your leadership on this comssion. we he the banks that are too big to fail, and those who deliberatelyr irresponsibly traded the product so that they could bet against this, jeopardize an american pension funds and life savings, and the value of their houses. i want to ank you for making this a publicrocess so that americans can see that we are working on the interests of main street. with lobbying forhe lax regulations and continue to do this today. two years ago, the weight of predory lending and credit defaults swaps, and the risky bets have finally get -- given way, sending us into the wor
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financial crisis since the great depression. i made a commitment to central high that i would be reforming wall strt. and overhe past 17 months i have attended countless hearings and meetings to help craf the wall street reform and consumer protection ac of 2009, to restore and strengthen the nation's financial system, to provide america with the confidence that rules are in place. i applaud the sate in moving the nation closer to this reform of the financial service industry. during this conference, it is importan to say that t final bill will remain true to some key provisions. this must eate a watchdog wit teeth, a strong financial protection agency to protect americans from abusive financial
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practices to make certain that the secas the tools to keep up with wl street innovation. we must strengthen the safeguards for the investors by stopping compensation practices that encourage executives to take excessive risks at the expense of their companies and shareholders. and shareholders should also ha some tools as well. when the executive pays -- executive payment. the credit rating agency -- they failed to hold up their function, and ttey need to be more accountable for their ratings. if this iso enter connected to fail, in the future -- that be wound down in a way that will extend taxpayer bailouts.
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this is with theisillusioned fund paid for by the financial industry itself. i look fward to a thoughtful debate on these issues. >> the gentleman from michigan is now recognized. >> did sex -- the excessive risk-taking has affected the economy and puttmillions of americans out of work. and this has diminishedo the accounts of millio more. there was no state that was more affected than michigan. that is why it is somportant that congress act to protect consumers and me certain that taxpayers will no longer reforest the bailout of large finaial institution. i've visited the main street businesses across the oakland county, michigan. and i m with the small business owners who cannot get a loan to create jobs. workers who lost their jobs and
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they now know all too well that when greed and recklessness caused a financial meltdown, this will go through the ente economy. i have spent 22 years in the financialervices industry. we wl make a good return for invests and areholders. there were addicted to high-risk short-term trading oppprtunities. this was little more than the bets and they do not serve as a source of luidity andhey do not create real economic growth. we have to get wall stre awaa from the casino mentality.
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this is what wall street rerm is ultimately about. the economy will continue to be -- we have to make certain tt we do this in a ceful and the libey of way. under the bush of illustration and the republican congress -- under the bush administration and republican congress, we had issues with thisnd we cannot let this affect the fragile economic recovery that is happening. we have to let the marts create long-term wealth and spur innovation. the increased standardization and the use of exchange trading is desperately needed. we musalso recognize that
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derivatives are used by companies in theanufacturing sector to heads the business risks and the fluctuation of the exchange rate. we have to make certain that mainstream employers -- we have to get this righ we have to make cerin that we will help these firms. th were faced wh the choice that no president should ever have to face. they are risking going into aa greater downturn. the consequence of having fear and uncertainty in the financial sector -- with credit markets seed up, consumers could not finance thr purchases.
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blue-collar workers have lost thr jobs. we are ending the possibility of future bank bailouts and this is of critical impornce. we have to make certain that the same intercoected institutions that cost of the financial crisis should have to pay back every penny oany shortfall in the troubled aet relief program. the fdic would have th authority make thiand the excessive risk-taking caused the cuent financial crisis. we would usehis to pay off any shortfall in the troubled asset relief program to ke certain th this is made whole. l of the fundinwill be recouped from the large financial companies that caused
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financial crisis. coress has to show that we have a plan in place f the recruitment of any srtfall, coming from any shortfall in the troubled asset rierogram, and that all americans know that we have a clear and decisive an to make certain that the taxpayers arpaid. >> the speaking of genal stements is concluded, and we will return on tuesday. we he t senate version of this, modified to some extent. we are noting, once again, that this is subject to amendments. we will enforce the res, for the subject matter is not within the context of these bills that wod not be considered. with tha the conference is in recess until tuesday mning at
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11:00. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010]
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[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010]
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>> you proposed merging all four bank regulators. >> we are trying to accommodate interests and so forth. [unintelligible] >> we worked out to avoid a weak regulator we wanted one strong regulator. it will mail either not the
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under-regulated. >> what about fannie mae and freddie mac? >> they are the first major element of the financial system to be reformed. bx&>> mike cox is the best exae of these things we are doing. >> he was surrounded by people
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who voted against it. >> they are playing an important role. more important than they were before. >> when asked about the gge's, we said they were too complex to put into this bill. >> they are connected to reform. >> that is the second thing we did in our bill. study and action mandating it at the beginning of the next congress. that is not as strong as some of us would like.
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>> we begin that today with fha reform. [unintelligible] [no audio[unintelligible] >> they don't want restrictions on over leveraging. >> the senate vote will help reform this. [unintelligible]
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c-span.org>> you have tough regs and several agreements. we will have -- we will toughen the volcker rule. they are not a bigger mess than you think they are. >> how will toughening the volcker rule help? >> that is going in a direction that many people are supporting. the house empowers the regulators. >> [unintelligible] >> did you say you were moving in the direction of murtha 11?
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>> i will not get into that theme how would you characterize -- >> people want to know what is in the bill. we need to see where our colleagues are. we have to see if there are some modifications that can be made. this is not a predetermined outcome. there are some people who object to the business and that bill. >> i think we should be strengthening the house bill. the republicans think we went too far in this legislation.
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>> what did you think about what some of the senators said about going with the house bill? >> we will have to work through that. >> the differences between these two late -- major pieces of legislation are small. people differ about what the languages. >> can you resist changes in your bill? >> there is a strong vote in the senate. i don't think the house will try
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to resist that. it may be subject to further amendments, but we will try to get a bill would 64 senators voting for that. >> chairman frank, -- >> i will not get into the specifics. >> i agree with the chairman. i think there will be some modifications, but basically this underlies provisions of that are needed. >> >> there will be votes each day on the provisions. >> thank you all very much. >> thank you. [captioning performed by national captioning institute]
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[captions copyright national cable satellite corp. 2010] >> our public affairs content is available on television, radio, and online and you can connect with the sun twitter, facebook, and youtube and sign up for our scheduled alertt e-mails @ c- span.org. >> on cspan today, "washington journal" is live next. later, live coverage of the brookings institution with a discussion about the role of law enforcement in combating terrorism. the guest is the national attorney-general for a homeland security, david criss. and in 45 minutes, bank of america chairman charles holliday is calling for more government research and to clean energy. energy.

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